The funds raised from the initial public offering will be spent on boosting sales offices and expanding operations and the company's market capitalization is expected to be between 10 billion yen to 20 billion yen.

For the year ended last November, Money Forward logged sales of about 1.54 billion yen ($14.1 million) and a net loss of about 880 million yen. Currently, the cost of opening sales offices and advertising are weighing on profits.

It is estimated that some 80 to 90 companies will go public this year. Flea market app operator Mercari is also expected to debut later in 2017.